EIB Global to give consultative support for Kiev transport modernization

MOSCOW. Nov 17 (Interfax) - The European Investment Bank (EIB) and the Kiev City Council signed an agreement at an investment forum in Brussels on Thursday, by which Kiev will get consultative support for urban electric transport modernization, Ukrainian media said, citing the EIB press release.

The agreement also pledges support for preparation of massive investment in the modernization of the Kiev metro's rolling stock, it said.

This is a new partnership, which covers consultative support and preparations, and will be financed with a technical assistance grant of 480,000 euros from the EIB-managed Eastern Partnership Technical Assistance Trust Fund (EPTATF), the media said.

According to the agreement, the EIB will provide consultative services to support Kiev's effective management and monitoring of the urban electric transport project worth of 100 million euros approved in December 2021. The service will include recommendations on the effective procurement consistent with the EIB standards.

A key element of the agreement is the EIB support for the drafting of a feasibility study of the planned modernization of the Kiev metro's rolling stock, which tentatively requires investment of 450 million euros.

Since the beginning of the crisis, EIB Group has provided 2 billion euros for "essential needs" of Ukraine. Additionally, the EU for Ukraine fund, which operates on donations from member states and European Commission guarantees, has raised 500 million.

EIB Global is an EIB Group unit aimed to bolster the influence of international partnership and to boost financing. EIB Global is responsible for investments made outside the EU and supporting EU priorities.